Hale Kamaʻāina Mortgage Program
State of Hawaii mortgage finance program to help local first-time homebuyers.
What Is the Hale Kamaʻāina Program?
The Hale Kamaʻāina Mortgage Program (the “Program”) is a mortgage finance program designed to help first-time homebuyers in the State of Hawaii achieve affordable homeownership. The Program offers competitive fixed rate 30-year mortgages (Mortgage loans) and optional down payment assistance loans (DPA loans) to eligible borrowers.
How does the Program work?
Interested first-time homebuyers will apply for mortgage loans through First Hawaiian Bank. First Hawaiian Bank will accept and review your application to determine if you qualify for the Program. If you qualify for the Program, First Hawaiian Bank will process your loan application and conduct a closing for you to purchase your home.
Who qualifies as a borrower?
A borrower qualifies for the Program if all the following eligibility criteria are met:
- First-time Homebuyer – the qualified borrower, including the spouse, must not have owned or held any interest in a principal residence within the past three (3) years
- Household Income within limits
- U.S. Citizen or Resident Alien
- Bona fide resident of Hawaii
- At least eighteen years of age
- Received Recapture Tax Notice
- Is financing a property that will be the eligible borrower’s principal residence
- Successfully completed a homeownership counseling program through a housing counseling agency approved by the United States Department of Housing and Urban Development
- Does not own in fee simple or leasehold, any other residential property within the State (DPA only)
- Has not previously received a DPA loan through HHFDC’s previous DPA program under repealed Chapter 15-169 entitled Downpayment Loan Program (DPA only)
Important: Exceptions to the first-time homebuyer requirement may be granted for Veterans and/or purchases in targeted areas. Targeted areas are economically disadvantaged areas for which household income and purchase price limits may be higher to increase borrower access. Consult a Lender for more information.
For full program details, eligibility requirements, and available resources, visit the official Hale Kamaʻāina program website.